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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

Rabobank forecasts that USD/JPY will hit 135 before readjusting to the 132-130 region later in the year

Daniel Rogers

Jun 13, 2022 15:34

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Inflation rates in the United States exceeded all forecasts. Rabobank economists anticipate that the USD/JPY pair will rise to 135 in the near future before falling to the area of 132-30 later in 2022.

USD/JPY is largely dependent on the forecast for US rates

The strength of the US inflation report for May raises the prospect for further USD/JPY rises over the next one to three months to 135. This presupposes that the Bank of Japan will retain its present loose monetary policy at its June meeting, which looks quite probable."

 

"We continue to be skeptical about the prospect of genuine FX intervention, since this would directly contradict the BoJ's monetary policy." It would also violate the commitment Japan has maintained for years as a member of the G7 to let the market determine currency rates."

 

We anticipate that lower US rates will let USD/JPY to return to the range between 132 and 130 later in the year.

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